Banks may be required to display all fees charged to customers more clearly, and changing financial institutions could become simpler and faster. These provisions are found in a bill drafted by the National Financial Market Commission, which aims to align the legislation of the Republic of Moldova with the standards of the European Union, reports IPN.
According to the authors, one of the main changes targets cost transparency. Financial institutions will have to present customers with standardized information about the applied fees, so that offers can be compared more easily. Also, customers should receive a detailed statement of the fees paid annually.
The document also provides for the simplification of the payment account switching procedure. In the event that a customer decides to move to another bank, the new financial institution will coordinate the transfer of necessary information, and the process is expected to be completed within a period of up to 12 days.
Another provision refers to access to a basic services payment account. The authors of the project propose that all citizens should be able to benefit from such services, and those in vulnerable financial situations should receive them for free. The verification of the vulnerability status is expected to be carried out automatically through the state’s informational platforms.
During consultations at the Parliamentary Commission for Economy, Budget and Finance, representatives of banks and the business environment stated that they support the objectives of the project, but drew attention to some implementation difficulties. In particular, they cited the costs required for the development of information systems that would allow the automated transfer of accounts between banks. According to them, the experience of other countries shows that the number of requests for such services is relatively low.
Amendments from the business environment can be submitted until July 7th. Subsequently, the document is expected to be included in the Parliament’s agenda.
